As the CEO of the Hong Kong Stock Exchange, Zheng Yongwen’s life is not easy.
This year, the world has been shrouded in the cloud of economic recession, and the market has been sluggish. On December 31 last year, the Hang Seng Index had more than 15,000 points. Now it has fallen below 10,000 points, with only more than 9,400 points left.
point.
Just like the 5S asset management company, it can only be said that it was not lucky enough. It hit a bear market not long after it was founded.
now.
Zheng Yongwen sat at his desk and asked tentatively:
"A few days ago, did you also participate in the activities of mainland China joining the WTO? This is probably the only news that is good for the Hong Kong Stock Exchange in recent months. Hong Kong real estate companies have plummeted, and fund companies are selling real estate stocks. Mainland China
The share price of China Eastern Airlines fell from 1 Hong Kong dollar to 60 cents. Yesterday, the entire market turnover was only 5 billion Hong Kong dollars. The tourism industry has also been deeply affected. The market needs to boost confidence. In my opinion, no one is more suitable than you.
"
After listening, Su Yehao pretended to be confused and asked in surprise: "Do you want me to take over?"
"Absolutely. Don't you like to buy bargains the most?"
"But buying the bottom also depends on the timing. The U.S. stock market is completely frozen. It will definitely fall sharply when the market opens, and the Hang Seng Index may fall sharply again. The tourism industry is indeed very miserable. My Hong Kong luxury trip has almost been cancelled.
With one-tenth of the orders, tourists are afraid to fly. It’s strange that the stock price of a company like China Eastern Airlines doesn’t plummet.”
As soon as Su Yehao finished speaking, Zheng Yongwen laughed and cursed:
"Don't come here. Such a good bargain-hunting opportunity is here. In the next few years, it may not be as good as it is now. I just want you to praise a few words in the media, and I don't want you to tell lies with your eyes open. The current market situation
It is suitable for investment, but a bunch of people are scared."
Fiddling with the funnel on his desk, Su Yehao then said: "If you say so, then I will definitely be willing to help. Let's wait until this weekend. By then, the U.S. stock market will resume normal trading to prevent the Hang Seng Index from falling further."
"OK."
Zheng Yongwen found Su Yehao today mainly to discuss this matter. He continued:
"What about the fund company? Your 5S asset management is now very influential in Hong Kong City. If you are willing to support it, they should follow suit. The liquidity of the entire exchange's funds is too low and the water has been drained. People
It’s not that I don’t have money, I just don’t dare to invest.”
"Do you think there are many smart investors like me? But I don't blame them for their lack of vision. They are really scared of being harvested by the bankers. They would rather chase the highs and make a little money than dare to seriously study whether a company is from the perspective of value investment.
excellent."
Turning the funnel over again, Su Yehao said calmly: "As I said, the trading market is not fair enough. Buffett will be slaughtered even if he comes. Your fines for violations are not strong enough. How can investors have confidence?"
After hearing this, Zheng Yongwen sighed helplessly: "I can't handle this alone. The situation is much better than before the reorganization of the Hong Kong Stock Exchange."
As the CEO of the Hong Kong Stock Exchange, although Zheng Yongwen has considerable power, it is also restricted by various aspects.
Some bankers are so pervasive that they lead to the emergence of many so-called monster stocks, with stock prices fluctuating sharply. They cut the leeks and run away, which is similar to the so-called capital market. It just depends on who is unlucky in the end and in whose hands they collapse.
The continuous occurrence of such things will inevitably dampen the enthusiasm of investors.
Although Su Yehao looked lazy, his mind was moving very fast, and he suddenly asked: "When will you go to the north for exchanges?"
"...What are you communicating about?"
"Let's have a meeting. Congratulations to the mainland for joining the WTO. There should be a new atmosphere in the new era. For example, I personally went to the 49th City to suggest opening up investment channels for mainland investors to come to Hong Kong, or further strengthening the promotion of QDII funds. I
The QDII fund product shorted the Hang Seng Index and successfully outperformed the market, which shows that it has certain advantages."
As soon as Su Yehao finished speaking, Zheng Yongwen took a few deep breaths.
The so-called performance was earned by shorting the Hang Seng Index, which is like rubbing salt into his wounds. As the CEO of the Hong Kong Stock Exchange, it is strange that he can be happy.
Open the drawer and open the cigar box.
Zheng Yongwen took a cigar and threw it to Su Yehao. After setting up the ashtray, he asked: "Is the QDII fund amount granted to you by the mainland not enough?"
"For the time being, there is only a limit of one billion yuan. It is currently a pilot project, which is of course not enough. A number of good companies have come out for listing. I don't want to end up benefiting foreign investors in vain. If they are listed on our Hong Kong Stock Exchange, we will open up mainland investors to the market as soon as possible.
Hong Kong investment channel will definitely increase the enthusiasm of those companies to come to Hong Kong for listing, which is also very good for you."
It's rare to hear good things, Zheng Yongwen immediately got excited, helped Su Yehao light a cigar with his own hands, and said: "But the capital circulation in the mainland is restricted, and there is a transition period in the WTO. For a while, I want to strive for interoperability between the two places.
It’s not easy.”
Once the investment channel is opened, it will greatly supplement the capital liquidity of the Hong Kong stock market and attract more high-quality companies to list. It will also expand the influence of the Hong Kong Stock Exchange and further establish the dominant position of the Hong Kong city as a global financial center.
Needless to say, there are advantages. As for the disadvantages, there are almost no disadvantages for the Hong Kong Stock Exchange itself. Local investors and listed companies also like it. It is indeed worth a try.
Su Yehao replied:
"Don't ask me. I just have an idea. I need you to study and discuss the details. If you can only open an account through a prescribed securities firm, then the mainland can manage the securities firms well. The funds will still be strictly supervised, and there will be an investment threshold. , What impact can this have? Currently, mainland investors have no confidence in the market. It is said that blocking is worse than sparing. As long as there is a complete plan, I think they will not object, just in line with the wave of economic globalization."
Zheng Yongwen nodded and thought about it.
It's not that no one has mentioned this before, but when it comes to actively promoting it... the emphasis is obviously not enough, and it mainly attracts funds from the European and American markets.
Considering the situation of the Hong Kong Stock Exchange, the introduction of new funds is undoubtedly a solution to overcome the difficulties and is quite beneficial to the development of the Hong Kong Stock Exchange.
Since the reorganization of the Hong Kong Stock Exchange, to put it bluntly, it has become a company. It is just engaged in a somewhat special business. The market has been sluggish this year. The stock price of the Hong Kong Stock Exchange is close to the issue price. As CEO, Zheng Yongwen is also under a lot of pressure. He has to provide
When considering other listed companies, they must also consider the opinions of investors.
Including the stocks indirectly held through 5S Asset Management Company, Su Yehao's shareholding amount ranks first among all shareholders of the Hong Kong Stock Exchange. Even for this reason, Zheng Yongwen needs to take his views into account.
After discussing the topic of introducing mainland investors for a while, Su Yehao promised to separate Sihai Casino and pick a time to list it separately.
I was busy eating alone before, but now I don’t have enough funds on hand to support so many projects at the same time. Moreover, new opportunities are constantly emerging. It is expected that in the next few years, including Google, Sihai International, Moutai Distillery, etc., they will be raised for financing and listing.
Whichever house is short of money will go first...